Who is telling the truth about IMF leaving Zambia?

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By Prince J. Ndoyi, MMD Youth

News making rounds about the International Monetary Fund (IMF) has been a debate so confusing for us the lay men. But soon after listening to politicians opening their mouths on the issue one quickly realises that infact its the POLITICIANS instead who are more confused than the ordinary Zambians.

Last week, the FUND withdrew its country representative to Zambia arising from a tweet by former IMF Communications Director Chibamba Kanyama, panic gripped government and stray statements began to flood social media one such from our very own Minister Dora Siliya.

Government through her insisted that IMF has not left the country officially but merely recalled its representative. The question is if it was merely an administrative thing, then did it warrant a ministerial statement?

Sadly, Chibamba Kanyama got all sorts of condemnation from scores of onlookers and some PF cadres for his tweet. UPND on the other hand came to party as expected supporting Chibamba Kanyama. Unfortunately, for some exposing their delinquency and ignorance on the matter.

Who should the Zambians believe between CHIBAMBA KANYAMA or DORA SILIYA, Margaret Mwanakatwe and Cde Sunday Chanda?

The IMF issue is somewhat a very complex discussion that can not be trivialised to petty street gossip. Worse off left for cadres to react to. Our economy is at stake and the best we can do is to critically and truthfully confront the 1.3Billion Dollars IMF bailout and Zambia discussion. The truth of the matter is that there is nothing political about the IMF but there is everything political about the competing needs of where we source our bailout and the debt sustainability thereof.

Any member country of the IMF like Zambia, whether rich, middle-income, or poor, can turn to the IMF for financing if it has a balance of payments need—that is, if it cannot find sufficient financing on affordable terms in the capital markets to make its international payments and maintain a safe level of reserves. The IMF is not a development bank and, unlike the World Bank and other development agencies, it does not finance projects

One wonders the excitement with cadres about China. Describing the IMF with all sorts of names like colonialists, imperialists etc. Maybe they may need to be educated that China is a member of the IMF since 1945. While they may think that China is an option, China sits on the governing board of the IMF.

As ardent follower of economic trends, I was worried to see the Head of State literally begging for financial help from Turkey. I had hoped that he would have done that behind closed doors and not on camera. It just says a lot about what is brewing economy wise for the President to go to that length. And subsequently President Lungu sent an envoy to Turkey at the level of Vice President madam Inonge Wina to materialise his requests. We may wait longer to see any results from that trip.

Zambia desperately needs a bailout but from where, because options continue to go bleak and one such option is IMF. IMF suspended any discussions with Zambia after the Zambian government began to portray itself as though they can do without the IMF even the bailout itself. From the language from PF operatives and government one can easily deduce that we have a totally wrong approach and we may not succeed in time. Because our actions and language are not consistent.

Finally, I want to say that the Zambian government lacks the political capital to generate interest for a resumption of the discussions with the IMF on a possible bailout. The ugly truth is that possibly events within our economy that necessitated the withdraw of their country representative, and we can do ourselves better to face those facts head on not by burying our heads in the sand. Matters of the general economy are too sensitive and may require sobriety.

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7 COMMENTS

  1. Can the richest people of Zambia not come together and bail out the country. I just wonder what people do with millions when their own country goes out begging to find bail out. After all when the economy suffers the big shots of Zambia suffer too.
    Take for example the $360 million used to construct the KKIA. Are there no Zambian business people who have that kind of money to give to government for that same work and agree on the business transactions. Now we got the money from China and will have 25 years of our resources being shipped off too China. And you wonder why 25 years.

    It’s a shame for our country. And the way some people rejoice when things seem not to be going well is something that one cannot understand.

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    • On the other hand, it is shame that some people after voting for PF and after supporting PF incompetence, now ask third parties to help the Country out of the deep sh*thole instead of disposing of the incompetent ruling bunch.

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    • Adage
      You are missing the point completely,No sane pereson can be happy if things dont go well for the country,dont mistake people questioning why we are here with them being happy that things are not well.And the solution you propose cant work.Are you aware that the debt that has seen us needing an IMF bailout has not even been accounted for?Imagine only the first Euro Bond for $750 million has been accounted for,for the other two bonds this government is not even pretending to have an answer.So how can you even propose that “rich people”come to it’s aid.What makes you think they will account for the money.Our position is purely as a result of PF incompetence,whilst countries around us are moving forward we are stuck with people with no clue on how to get us out of the mess they put…

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    • The average Zambian politician will readily watch the country burn and his fellow citizens starve like dogs, as long as he gets to stay in power, build a mansion, drive a VX, build flats etc. They are hardened to the suffering around them.
      This is illustrated in the way that those in power have amassed billions, while the average Zambian is barely surviving.
      And those that are benefiting from these greedy politicians will defend them tooth and nail, because they get to eat sum of the crumbs thst fall from the corruption feast table.

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  2. Ubomba mwibala. You are very right pal. The things you have sighted are the biggest problem and I think it’s not only for Zambia but in many countries in Africa. Accountability is one big issue African leaders don’t really care about. So what I was actually talking about was first of all for people to deal with the weaknesses you have talked about before citizens can get involved in helping out.

    On the other hand the problems you have mentioned will never leave us unless they are seriously dealt with. If PF leaves today this will continue because our politicians are recycled so the cycle will still continue. You and me and man other well meaning Zambians out there will talk but our cries and suggestions fall on stony ears. I even wonder if the politicians we have even ready…

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  3. As long as things stand this way we are stuck with leaders who will take us nowhere. Today we are complaining about PF but come UPND or any other party that will form government, we will still be crying unless certain things change with the calibre of politicians we have.

    We have a leadership crisis today in the world and in Zambia it’s worse. When you hear some of our leaders talk you even wonder which schools they went to and what qualifications they do have. Ala tulimubwafya ubukalamba sana. Many people who comment on these issues are far better of than our politicians.

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